Vice President Finance

4 weeks ago

Greater Toronto Area, Canada Ownr Search Inc. Full time

The company:


Our client is looking for a cross functional VP Finance who wants to join an operating business recently purchased by a private equity firm.


This head of finance will play a major role in growing this dental laboratory based in Oshawa and will be rewarded with some ownership.


The VP Finance will have to be very comfortable getting their hands into the accounting and month end close process.


Cash flow analysis and reporting will be a key component to help shine the light on key metrics as the company scales.


This VP Finance will be the main point person for the private equity company along with a CEO who will be hired to replace the founder who grew the business over 35 years.


Expect a very flat corporate environment. One where you are willing to get on the phone to customers. Where you aren't sitting in a fancy office. One where you are doing what needs to be done in a finance function that was often neglected.


If this company has done one thing very well, it has been servicing customers. A culture with a client centred mindset is the reason the company has been successful over 35 years. Maintaining this culture while scaling will be one of the big challenges ahead for leadership.


Position Description:


The initial priority for the VP Finance will be to work with the PE firm, the CEO and ensure a smooth, post-transaction closing process.


This includes accurately recording the assets acquired from each legal entity, standing up monthly financial reporting, transitioning contracts and relationships across employees, customers, suppliers, landlords and onboarding the new senior credit facility and launching and executing a formal annual budget process for the Company.


Reporting to the CEO, the VP Finance will develop daily, weekly and monthly KPIs and reporting processes. The VP Finance will lead all day-to-day finance and accounting activities.


Specifically, they will be responsible for leading a number of functional areas across the various laboratory locations within the Finance team, including full-cycle accounting policy and process, working capital management (e.g. AR, AP, Inventory), capital asset management (e.g. production and IT equipment), procurement, financial reporting, bank reporting, year-end audit and tax and regulatory compliance.


This role will be well suited for a process- oriented leader with a keen eye for process improvement opportunities as well as the desire to lead and develop teams.


Over time, the VP Finance will be tasked with building a finance team but early on the will build the systems and processes required to professionalize the finance function.


Responsibilities:


Financial Reporting and Analysis


Leads execution of month end close; preparation and execution of journal entries, account and sub-ledger reconciliations, preparation of supporting schedules, GL account coding, accruals, allowances (e.g. AFDA, inventory obsolescence)


  • Owns the consolidation of monthly financial and operating metrics necessary for a high quality, accurate and timely close; builds out dashboards to visualize results, interprets financial performance and explains variances vs. budgets
  • Ensures TB-driven financial reporting package reflects accurate financial information
  • Leads monthly business review meeting and reports to CEO and Board on key findings
  • Prepares quarterly Board materials and actively participates in Board meetings
  • Prepares quarterly Investor reporting materials
  • Leads timely and accurate bank reporting to ensure all near- and long-term liquidity needs are proactively managed
  • Daily cash and credit facility management and reporting


Accounting Policy, Process and Practice


  • Ensures integrity of financial systems, general ledgers, and sub ledgers and identifying ERP system enhancements to maximize productivity and accurate reporting
  • Assesses current accounting processes and practices and leads implementation of improvements
  • Responsible for maintenance and reconciliation of all balance sheet accounts, including daily bank reconciliations
  • Ensures adequacy of and adherence to internal controls and ASPE compliance


Business Decision Making


  • Delivers and improves upon existing operating metrics and KPIs that provide visibility to financial results; leverage process to support operational decision-making
  • Proactively measures and monitors department, SKU and customer-level volume, pricing and profitability
  • Prepares working capital analysis as it pertains to suppliers (AP), cash receipts (AR) and Inventory Valuation / Count (Inventory)
  • Accountable for working capital management including collections, supplier payments and inventory investment
  • Accountable for production equipment fleet management including asset utilization (physical and IT) and business cases for capex, understanding the rapidly evolving transition from analog to digital dentistry


Budgeting and Forecasting


  • Actively participates in and supports the strategic planning process
  • Supports the annual budget process in collaboration with the Board, CEO and other members of the Leadership Team
  • Supports periodic cash flow and mid-year financial forecasts including ongoing rolling 13-week cash flow forecast


Review-Engagement and Tax Compliance

  • Leads planning, communication and execution with external accountants for annual financial statement Review Engagement
  • Institutes controls and maintains oversight of payroll-related withholdings such as EHT, CPP, EI WSIB, etc.
  • Maintains policy and practice to oversee HST and income tax compliance
  • Supports the preparation of annual corporate tax filings in both Canada and the US


Qualifications

  • Minimum 10 years of professional work experience as Director of Finance, VP Finance, Corporate Development, CFO
  • Professional designation required (CPA, CMA, CFA)
  • Significant portion of work experience has been working directly in manufacturing; experience partnering with operational functions across sales, supplier management, procurement, production, inventory management, distribution, etc.
  • Experience with bank and covenant reporting, ideally in a private equity / LBO scenario
  • Expert proficiency in Microsoft Office suite; specifically in Excel with the ability to manipulate large datasets, pivot, cut, clean and subsequently present for decision making
  • Experience managing direct reports and coaching for performance

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